P&O Princess Cruises PLC (UK)
- Proposed DLC Combination with Carnival Corp (USA)

13 March 2003

Under the proposed Dual Listed Company combination by P&O Princess Cruises PLC (UK) and Carnival Corp (USA), P&O Princess Cruises (expected to be renamed Carnival PLC) will continue its Primary Listing on the London Stock Exchange, whilst Carnival Corp will maintain it's Primary listing on the New York Stock Exchange.

The eligibility of both companies has been considered by the FTSE Equity Indices Committee, who at their meeting on Thursday 13 March 2003, recommended that P&O Princess Cruises and Carnival Corp remain eligible in FTSE indices with regard to keeping separate nationalities under the DLC structure (i.e. P&O Princess remaining eligible in the FTSE 100 and as a UK constituent of the FTSE All-World index, and Carnival Corp as a USA constituent of the FTSE All-World index).

Other than the change of name and a share consolidation applied to P&O Princess (ensuring the 1:1 equalisation ratio with Carnival Corp shares), it is currently envisaged that the share weighting and free float banding for both companies will remain unaffected by the DLC structure.

FTSE will issue a further notice confirming the index treatment of P&O Princess Cruises and Carnival Corp once the completion date for the proposed DLC combination is made known.

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